more jobs than forecasted. payroll increased by twice what economists expected. the economic recovery is not even the unpleasant rates for african-americans rose to 9.9%. republicans are threatening to stretch out the process to pass the stimulus legislation for several days, after the senate formally agreed to take a president biden's coronavirus relief will. senate republican ron johnson is demanding the entire bill be read out loud. that could take 10 hours. >> it seems the only group that opposes the bill are republicans here in washington. it is confounding the matter how long it takes, the senate will stay in session to finish the bill this week. mark: if democrats stick

together, they would have the votes to pass the measure. china setting a modest growth target, a single that monetary and fiscal policy will be restrained, in contrast to other nations that are pumping in stimulus. they said at about 6%. china raising defense spending 6.8 percent, the most in two years. the president of the tokyo olympics is trying to assure japan of the safety of the global sporting events. she is hoping to win over a skeptical japanese public. 80% of japanese think the games should be postponed again or canceled because the pandemic. the games are scheduled to open on july 23. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

amanda: i am amanda lang. matt: i am matt miller. here are the top stories. u.s. hiring surges in february as economic activity picks up as vaccine rollouts provide hope. mary kay henry from the service employees international union discusses us to discuss the outlook for the economy and a fight for higher wages. one of the decade's most successful strategies poised for a dramatic makeover. some say it will be the most

turbulent rebound ever. amanda: we do see a bit of reversal of what we haven't seen with tech stocks moving higher. energy leading the way. in terms on the -- of the indices, it will be the tech that has the most influence. we are watching the strong jobs data be absorbed. that is one of the key numbers. not a lot of concern expressed by jay powell. we still have the 10 year at 1.55. today maybe a slip -- slight different interpretation on the strong jobs growth and what it means for stocks. according to one member of the u.s. council of economic advisers, the job numbers are good but a lot more needs to be done.

>> we are always happy to see more people get more jobs with let's take a breath and take a look at the bigger sure. the job market is down 9.5 million from a year ago, a hundred thousand jobs worse than the lowest point of the great recession. amanda: the senior columnists for bloomberg -- columnists for bloomberg -- columnist joins us from bloomberg. it looks like a low comparison base. overall, your thoughts on how the market should interpret what it sees by economic data and the fed's promise that it won't move before it said it would? >> it is clear that we have a case shaped recovery. there was a lot of speculation that it would take that and it has. on the bright side of that and

on the upper arm of the k you have a 6.2 unemployment rate, which i think is dramatically lower than anyone probably would have expected a year ago. that has created 379,000 new jobs. markets are up. the macro numbers, good gdp numbers. those are all good things. inside of that i think is a timebomb which is this is a very unequal recovery. lack unemployment is at 10%. -- black unemployment is 10%. below jobs and where we were in february 2020. taking apart whether or not people can divide around the issue of is it radically unequal and morally or socially just? take that out of the equation.

70% of u.s. gdp derives from consumer spending. the secret sauce in u.s. economic growth was a big middle-class. the middle class has been under assault economically for decades now. the pandemic heightened those problems and there are going to be long-term fissures in the u.s. macroeconomy if we don't have the kind of growth that helps working-class americans and the middle class. matt: so clearly the biden administration is pushing to do something about this with the $1.9 trillion that is in the pipeline now but we also know they want to do more in terms of infrastructure investments and bigger numbers. what about the fed? do they have to do more, because the market is selling treasuries off and pushing rates higher,

even if financial conditions are getting worse but looking at a 10 year of 155? timothy: if you look at shorter-term movements, they have a view of where jerome powell is on this. he is going to wait to see if inflation approaches to percent and where we are on implement -- on unemployment numbers and will not take a more hawkish stance until they see that. what he is trying to do is keep support in place for strong macro economic growth. that is consistent with his predecessors and every statement he has made recently. the bond market didn't like it when rates were low the last decade but they had to be kept low because the response to the 2008 financial crisis was left with central bankers and there wasn't enough fiscal stimulus to

support that. i don't know that we have learned that lesson good we should be careful about that we shouldn't lie on central blanks -- central banks to fuel economic growth. amanda: we got the jobs data today and it is uneven and case shaped. the jobs created seemed to be coming with wage growth. do you worry about inflationary pressures from that source question? timothy: i trust that the people who watch this closely at the fed are not alarmed by it. i also think there is a lot of toxicity around wage growth and i think some catch up can occur there. wages only starting to rebound meaningfully for working-class workers right before the pandemic hit. i think there is room for that to grow without inflation coming

into the picture. matt: you worry also that they need to do more for low income jobs. do you think they need to boost minimum wage? timothy: i think the $15 minimum wage wasn't enough, frankly. there are big sectors of the economy that can handle better wages. i think it could stress small businesses and businesses operating in low income areas, but there is no question that there is a broad slice of corporate america that is sitting on piles of cash and has the ability to pay better wages and has yet to meet that mandate. it is a shame that there is not just a rational consensus around a minimum wage because it is practical, broad bipartisan support but not being done. matt: i have talked to a few people who are opposed to it, from the middle of america who

say it is tough for small businesses to think about $15 an hour and more would be a bigger ask. we will talk to someone else in just a few minutes who is for a minimum wage increase. so a couple of pro voices. thank you for joining us. you can get his work on the bloomberg terminal. we will continue to talk about the fight for minimum wage. it doesn't seem to be doing very well. mary kay henry of seiu will tell us why it is a two -- a true test for the biden administration.

matt: this is "bloomberg

markets." let's take a deeper dive into the jobs picture. we saw huge amount of jobs relative to what we have seen added to the economy, 379,000. we saw unemployment dropped to 6.2%. last month was bumped to 166 and i was talking to carl riccadonna who said they forecast 50,004 . whether hurt those -- weather hurt those jobs. amanda: the sectors that showed up, a reminder that there was case shaped. the sectors that shut down,

hospitality, travel and tourism will gradually reopen and you will see a big jump in jobs. there are also the most vulnerable to opening too soon with covariance -- covid variants. jobs are coming back but they are not fully back. matt: a lot of people still out of work. a lot of businesses have shutters down. let's talk about that with mary kay henry, the international president of the service employees international union, which is made up of largely essential workers. i was talking to tom gimble a couple of hours ago, the ceo of lasalle network, a hiring firm in chicago. he was pointing out there are a number of businesses that have shut down and when they reopened

-- reopen they will not be able to pay someone $15 an hour. they may have to stay closed. is this a tough time to talk about a $15 an hour wage? mary kay: not at all. in chicago, the minimum wage has gone up to $13 an hour and the compromise in the current national debate is we don't hit $15 until 2025. we know the 42% of american workers already have generated job growth in communities because workers have more money in their pockets and they spend it in their neighborhoods and it helps expand small businesses in every neighborhood. amanda: give us the path forward you see in this debate. how will it resolve? lots of workers we called essential during the pandemic are the most vulnerable, who

kept working and often worked below minimum wage levels with contract jobs. what is the path politically to getting some minimum wages set federally across the country? mary kay: essential workers need more than a thank you and that is why they have been demanding to be respected and paid. they have been showing up and feeding us and serving us and delivering packages for us. it is our intention to the fearlessness and courage of workers demanding to raise wages through a very gradual, growth from seven dollars 25 -- $7.25 to $15. we are going to recommit to congress and make it clear we expect the senate and the house to reconsider the $15 and our minimum wage and pass it and sent it to the president's desk.

we can't recover in this economy unless we raise wages across the service and care sector and we have to invest in good jobs like investing in the care sector and establishing a $15 minimum wage for women who do childcare and homecare work. that has been excluded from being a part of the middle class and we think it is high time those workers get invested in and become a part of the most racially diverse middle-class this nation has ever seen. matt: i think we would all of people to make more money. i would love it if people made $50 an hour, but clearly there will be job losses associated with a boost in the minimum wage. the cbo says 1.4 million, which is a wide figure, but it is going to be something fairly large. what kind of job losses do you

think would come from raising the minimum wage? mary kay: we have to put a stake in the heart of that argument by looking at the experience of states that have raised wages to $15. in seattle and through california -- matt: you have to have some concern for people who lose their jobs because of a minimum wage, don't you? mary kay: yeah, the bigger concern is families trying to be raised on $7.25 and then taking trillions of dollars to subsidize low wages by food stamps and medicaid and housing support. it is high time we get businesses that can afford to pay $7.25 an hour to stimulate wage growth. we cannot have an economic recovery that includes every community in this country unless we are ready to raise the

minimum wage and then invest in creating 10 million jobs in caregiving, green infrastructure, and manufacturing. amanda: one thing we do know is that it will raise the cost for business. we worry some will not hire as a result and some will have layoffs. but for sure the cost of products will go up for consumers. it gets more expensive to pay people more. what you are saying that presses should go up that it is a hard sell. mary kay: if 42% of the american workforce is already on a path to $15 and we haven't seen huge job loss in those cities and states, nor have we seen consumers stop buying because prices are too out of reach, why are we so frightened from un-sticking a $7.25 minimum wage

for the other 60% of the american workforce? when we look at the price of a hamburger in the u.s. versus the price of a hamburger in scandinavia, it is $.25 more and scandinavian workers earn $25 an hour. it doesn't make economic sense. this is both good policy and good politics and good economics for a nation where tens of millions of people don't have a job and 33 million more are earning a minimum wage where they have to choose between food and rent. matt: i have a lot of sympathy mary kay, but i don't scandinavia -- that is not a fair comparison. you are talking about a few million people with billions and billions of dollars of oil. you cannot compare the u.s. to norway and sweden. mary kay: i was trying to talk

about the relationship between raising wages and the price of the goods. that is a key question that is a legitimate one to answer. but when you look inside our own country, it isn't like the cost of numbers in the states where $15 is a minimum wage now because the escalator occurred from 15 to 20 and has taken prices out of reach for consumers. amanda: mary kay henry, great to have you with us. a quick break. this is bloomberg. ♪

amanda: this is "bloomberg markets." we are watching one of the most successful strategies, poised for a big makeover. birds justina lee with what is -- bloomberg's justina lee with

what is happening. justina: [no audio] matt: i don't hear justina. tell us what is up. justina: momentum is one of the more simple ones. it basically means you go long on the top step winners in short the losers. given what we have seen recently, what this means is a lot of the momentum investors could put more money into more cyclical names, energy, financial stocks, and put marginally less money on the

popular stay-at-home names that dominated the early parts of last year. matt: how did they do last year? justina: not great. that is partly because a lot of them used the value factor, which has not been doing well for a few years, and especially last year given that everyone only wanted to buy -- stuff. a lot of indifferent investment styles. it was hard to have a strategy of just buying the nasdaq 100 or something. feeling more hopeful, even with the turmoil we have seen, it looks like the strategy is picking up on the economic outlook. matt: that is all we have time

for. we really appreciate you joining us. a little bit of a sound issue. that happens in live tv and i hope our viewers stuck with us. we are going to take a closer look at the market gyrations, especially in tech. what is happening with one of the hottest ets of all time? on monday, bloomberg will have an interview with kathy would monday at 5:00 p.m. eastern time. so set your tivo? do people still use tivo? amanda, i hope you have a fantastic weekend. this is bloomberg. ♪

>> i am mark crumpton with bloomberg's first word news .

after several disappointing months the u.s. labor market appears to be moving forward . in february u.s. employers added more jobs than forecast . payrolls increases by three entered 79,000 twice what those in a bloomberg survey rejected . the unemployment rates fell to -- slightly fell 2% . the unemployment rate for african americans rose to 9.9% . france is planning to tighten its regional covid-19 restrictions while it tries to avoid another national lockdown, beginning saturday, the calais region will be placed under our weekend lockdown. in the most affected areas the government is strengthening mask wearing rolls and closing large shopping centers. the japanese government is recommending an extension to the coronavirus state of emergency by two weeks, for the tokyo region. restrictions were set to expire sunday. japan is trying to maintain a declining trend in virus infections as